DECEMBER 10, 2002

EM.TV wins a court order

EM.TV, the former owner of part of the Formula One group of companies, has won a court order in Jersey to block the seizure of its stake by a consortium of banks which was owed money by the now-defunct Kirch group. But the ruling is only a preliminary injunction pending a full court case.

EM.TV thus still owns a 16.7% share in the Formula 1 business although this was pledged to Bayern LB, JP Morgan and Lehman Brothers when Kirch came to its rescue last year. The banks claim that they are entitled to take over the stake because it was signed over to them as collateral for a $1.6bn loan.